Frugal Blog

The Boston News offers a very intelligent article based upon a Harvard study which says, “Some people make money mistakes that cost them dearly. Those people, who tend to be poorer and less well educated, end up ’subsidizing’ the more well-to-do by overpaying for financial products and services, according to new research from Harvard University.”  The article also offers tremendous ideas to overcome these money mistakes.  See Correcting Your Money Mistakes.

Here is one for the books.  If you have good credit, please, please, please do not follow this latest trend.  It seems you can now rent out your good credit for sometimes as much as $2000 to allow another consumer with poor scores to become an authorized user.  But in so doing, the chance of you loosing every ounce of good credit is beyond measurement.  Read more at Credit Scores For Sale .

“We’ve all been reading stories about the subprime-mortgage meltdown for months, but last week it came home to Philadelphia with the release of a comprehensive study by the Reinvestment Fund, a nonprofit group that works to stimulate growth in low- and moderate-income neighborhoods.” See  philly.coms article Take The Pain Out Of Sub Prime

“For some, the lesson learned is: ‘buyer beware.’ But a series of interviews with subprime borrowers, mortgage lenders, appraisers, current and former regulators, and the inspector general of the Department of Housing and Urban Development paints a different picture — of a widespread pattern of questionable lending practices and outright fraud that has already sparked a wave of criminal and civil actions.” Read more at this MSNBC article Mortgage Woes Could Be tip of the Iceburg 

Judge John C. Ninfo II founded Credit Abuse Resistance Education, or CARE. It sends volunteers from the bankruptcy system _ including judges, trustees and private attorneys _ to talk to young people around the country about developing good money skills and avoiding debt traps. Read more at the Associated Press article Bankruptcy Judge Teaches Credit Skills

Michelle Singletary of the Washington Posts suggests having a spending plan can assist differentiating between wants and needs.  I also very much agree with her final comments: “If you’re tired of living paycheck to paycheck, then it’s time to set a budget. If you want to get that debt albatross off your neck, then budget it away. And don’t view your budget as a fun-buster but rather a way to bring financial peace and order to your household.”  See Budget Helps You Determine Needs and Wants

Justin Herelik of Bankrate.com offers some very sage advice when dealing with unscupulous debt collectors.  His advice also offers ways to know when a collector is being legitimate and when he/she is not. See  Dealing With A Debt Collector Who lies

Stephen Snyder has made it his passion to understand how credit scores are established. As a result, he can tell consumers how to pay less on everything from home mortgages to credit card purchases.  In this article he opens the potential auto buyer’s eyes to the fact that your credit score may not be what you think it is when buying a car. See A Secret Credit Score Your Car Dealer Won’t Tell You About

Frugal Corners is about resources to save you money. Whether you are looking to reduce your debt or eliminate it entirely, the affect will be the same. You will save “tons” of money. And the best part is, the money you save is like extra money you earn simply by doing things differently… and its all tax free. See this lost of money saving sites at Frugal Corners